DMP Mutual Support Thread (Part 6)

Triggles

Completely Confused - That's something I'd like to know as well. We have one or two that have smaller balances that we would like to save up and pay off. I realise this is "fair" to the other creditors, but I figure how else are we going to chip away at them? If the other creditors somehow find out and are upset, I guess I will just point out that by taking care of that creditor, it frees me up to pay them more per month towards that bill.

Some of the lower balances are the worst about adding on fees each month, so I am determined to get them paid off and taken care of - before the balance gets completely ridiculous with fees!

the_tooth_fairy

Hi Everyone, Finally got OH to call about added interest on his RBS Visa,they said the payments crossed over (they're right) and have refunded the interest. Also they changed the payment due date to stop it happening in future. I'll be keeping an eye on that one.
We also rang Mint, we both had cards with them and they had sent a letter to say interest was 0% early Oct, when we started with Payplan. However, they said they only stop interest when the credit agreement is formally terminated. That means we had to pay interest in Nov and Dec. but thats stopped now.
Hope this is helpful to anyone starting out on their DMP's, we have been really foxed with it all sometimes. I think it helps to phone the creditors once you're up and running, once they hear you are on a DMP and have made payments, they don't ask for money. It was worth it today, getting £120 interest back.

Good Luck

ttf

scouselad1974

Hi Everyone

I hope your DMP are going well, I'm now 6 months into my plan with CCCS and nothing much has changed, two of my Dell Finance Accounts have been passed to a DCA and I have received a termination of account letter today from Citi Cards, they have been accepting reduced payments for the past 6 months and have also frozen interest, even though they initally refused to accept my DMP with CCCS. Does anyone have any advice regarding this, does this mean that Citi Cards will now sell my debt on to a DCA.
I hope to increase my CCCS deposit by a very small amount in January, so my creditors will receive a very small increase, it won't be much of an increase but better than nothing.

Toffee_Penny

Hello all! :j I have been meaning to get on here for a few nights now but I haven't got round to it, so sorry for not being on to support you all!


Anyway good news and bad news for me, we finally heard from the FOS about ppi refunds from MBNA, Barclaycard and Lloyds :T:T:T Finally got the bar stewards We are just waiting to receive the letters from MBNA and Barclaycard saying how much will be taken from the debt but I complained about three loans with Lloyds to the FOS and it looks like there has a been a mix up and they have only sorted out one for me arrggghhhhh!!!! :mad: Good news is our debt has gone down 2k because it was taken off the live loan, bad news Llloyds will still be charging me interest and charges so will wipe out whatever I got back eventually :mad: I think my debt with them has been the slowest out of all our 13 creditors due to the extras they charge.

Last Wednesday night I cried, I was so livid with the whole damn lot when I found out my file had been closed with the FOS and with Lloyds for being so god damn obstructive since day one :mad: I think the whole fighting ppi since December last year had taken its toll. I told myself it would be all sorted out by the end of the year and we could start 2010 with a clear idea of how much debt we actually owed and could concentrate on getting that figure down quicker but now this. I will get it sorted out no doubt about that but argh! I wanted it all sorted out by now!

Anyhow I have made a promise that if I win big money one day I will swan in to every Lloyds TSB branch in the country like Julia Roberts did in the posh shop in Pretty Woman. I'll wave my big cheque and when the Manager comes running out to sweet talk me into putting my lot into his bank I'll shout in his effin eardrum in my loudest voice 'SCREW YOU!' and just walk out! :rotfl:

Anyway I hope you are all doing well take care xxx

JillyOJolly

Hi All,

Catching up again and a couple of sticks I need to throw in the works....

If you offer full and final settlements the companies are under no obligation to mark your file "fully satisfied" bascially - because it isnt. You have only partially satisfied. Whilst most will accept an offer in the end this DOES AFFECT YOUR CREDIT FILE FROM THE DATE IT GOES ON. Please dont forget this. How can you ask for fully satisfied when you havent? It may be that the balance towards the end is made of interest and charges, but they are allowed to do this. You signed up to terms and conditions which state they will charge a fee (interest) for you borrowing their money, they are a business and you didnt get the money to spend from a mate for free for a bit. Some are very cruel I know, but be under no illusions or be disappointed if they accept, but only partially satisfy. I spent four years repairing my credit so actually paid of all balances in full after battling with full and finals and being horrifed at what partially satisfied actually meant. I rang CAB, National Debtline and Payplan as well as the creditors themselves who all confirmed this. I did this personally to begin with, but gave up after them asking for income and expenditure forms to be completed (by 3 creditors) from the person offering the gift. The ***** cheek of it. That took 6 weeks. In the end I handed it back to payplan, who were absolutely top rank in this field, one named person rang me EVERY DAY for an update and it was all done in less than a week. I have letters showing £0 balances, closed FULLY SATISFIED (I want to frame them but OH says no) ha ha

Also remember if you are with Payplan and you pay off small balances (2 of mine in the end were less than £100) the rest of your creditors will know and may say you have broken your contractual DMP agreement that they all get the same percentage at all times and call in the remainder of their debt on the basis that if you extra money for one, you should be able to find extra money for them all.

JOJ x

elsie52

Hi everyone,

I thought I would just post on here and tell you my problem. We have been on DMP for 22 months, and have paid every month without fail. Last month Payplan, for whatever reason paid one of our creditors 1p less than had been agreed. For that one mistake, Marbles have said that we have broken our agreement, and last month and then again this month have now started adding interest, which they had previously stopped.
We spoke to Marbles, and expalined that it was not our fault , we had paid Payplan our usual amount. Payplan said they would speak to them to see if they could get Marbles to stop the interest, but they obviously have no been sucessful.

We are not happy about this situation, but don't know what else we can do......its as if things go right for a time and then.....bang.... we are back to square one.

Any thoughts on what we could do ??

newbeginning_2

Hi, another question....

Someone just mentioned if you pay one creditor off, the others know. How do they know? I understand they can check credit records and find out but are they constantly checking this?

geoffmr1

JillyOJolly wrote: »

Hi All,

Catching up again and a couple of sticks I need to throw in the works....

If you offer full and final settlements the companies are under no obligation to mark your file "fully satisfied" bascially - because it isnt. You have only partially satisfied. Whilst most will accept an offer in the end this DOES AFFECT YOUR CREDIT FILE FROM THE DATE IT GOES ON. Please dont forget this. How can you ask for fully satisfied when you havent? It may be that the balance towards the end is made of interest and charges, but they are allowed to do this. You signed up to terms and conditions which state they will charge a fee (interest) for you borrowing their money, they are a business and you didnt get the money to spend from a mate for free for a bit. Some are very cruel I know, but be under no illusions or be disappointed if they accept, but only partially satisfy. I spent four years repairing my credit so actually paid of all balances in full after battling with full and finals and being horrifed at what partially satisfied actually meant. I rang CAB, National Debtline and Payplan as well as the creditors themselves who all confirmed this. I did this personally to begin with, but gave up after them asking for income and expenditure forms to be completed (by 3 creditors) from the person offering the gift. The ***** cheek of it. That took 6 weeks. In the end I handed it back to payplan, who were absolutely top rank in this field, one named person rang me EVERY DAY for an update and it was all done in less than a week. I have letters showing £0 balances, closed FULLY SATISFIED (I want to frame them but OH says no) ha ha

Also remember if you are with Payplan and you pay off small balances (2 of mine in the end were less than £100) the rest of your creditors will know and may say you have broken your contractual DMP agreement that they all get the same percentage at all times and call in the remainder of their debt on the basis that if you extra money for one, you should be able to find extra money for them all.

JOJ x

I don't really agree that the creditor isn't under an obligation to mark your file as fully satisfied unless you don't include that in the full & final offer to them. Whenever I have offered f&f settlements I have always made sure that one of the conditions of the offer is that my credit file is marked as fully satisfied, if they don't want to do that then it's their choice but the offer is withdrawn. All the companies that have accepted my offers (& thats certainly not all of them) have marked my file as per the offer. On the other hand I had an overdraft debt with Nationwide which has been completely repaid including all charges etc & yet they refuse to withdraw the default on my file.

I also don't understand the payplan stuff. I'm with CCCS who obviously work in a different manner, however how can a creditor know how another creditor has been paid off?? How do they know you haven't received a refund of charges/PPI or that the creditor hadn't made a mistake with the total remaining?? Each account is a private matter & you're under no obligation to tell another creditor whats happening with other accounts.

MurrayMint

JillyOJolly wrote: »

Whilst most will accept an offer in the end this DOES AFFECT YOUR CREDIT FILE FROM THE DATE IT GOES ON.

From a future credit rating point of view, what's worse...?
a) a part settlement recorded now and the account closed, i.e. 6 year clock ticking to the record being removed from the report
b) recorded as being on a payment arrangement, with the potential for (or already) defaults at any time, until the balance is cleared

I can see why a part settlement is bad, but at least that's the end of the line for that record. On a payment arrangement, they could default you just as you're about to clear the debt, therefore leaving the black mark for another 6 years

Or, is the black mark of a part settlement much worse than a default? :huh:

girlypink

Hi,

ive been putting off filling in and returning my acceptance of a DMP with CCCS, basically i have two worries. I have to send off my wage slip and my latest statements from creditors but what if these figures are different to the figures next month, what with christmas coming up i have used my credit card this month so in january there will be more on my statement than last month but i dont want to get into trouble with CCCS. Also is CCCS the best one to go with or is there a better one or are they all pretty much the same? Can anyone advise?